Eyewear Market Overview
The Global Eyewear Market is monopolistically competitive in nature due to the presence of several vendors and customers in the market and limited barriers for the entry of new players. To overcome the challenges in the global eyewear market outlook, prominent players are focusing on product launches, partnerships, mergers & acquisitions, and expansions in terms of production capacity and geographic reach. This is expected to drive the demand for eyewear among consumers across the world. The Global Eyewear Market is growing worldwide due to changing consumer preferences and increasing purchasing power. A variety of eyewear have been introduced by companies with different characteristics to cater to the demand for convenient, durable, and innovative products.
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Industry Key Players Analysis
Some of the key players, as per the global eyewear market report, are Safilo Group S.p.A. (Italy), Bausch Health Companies Inc.(Canada), Luxottica Group S.p.A. (Italy), The Cooper Companies Inc. (US), Carl Zeiss AG (Germany), Johnson & Johnson Vision Care, Inc. (US), Fielmann AG (Germany), GrandVision (Netherlands), Alcon Vision LLC (US), De Rigo Vision S.p.A. (Italy), Essilor International (France), Marchon Eyewear Inc. (US), Rodenstock GmbH (Germany), Marcolin SpA (Italy), and Charmant Inc. (US).
Key Developments
- In 2016, Safilo Group S.p.A. expanded its business in India by strengthening its presence in the top 60 cities of the country. The company made 24 of 31 brands, of its portfolio, available in the country
- In 2018, Marcolin SpA signed an exclusive global licensing deal to manufacture, design, and market sunglasses and optical eyewear for luxury brand Bally.
- In 2018, Marchon Eyewear, Inc., manufacturer and distributor of eyewear and sun wear, and Cutler and Gross Ltd., British eyewear brand, entered into an agreement for the distribution of Cutler and Gross sun and optical eyewear throughout the US.
- In 2018, Johnson & Johnson Vision Care, Inc. launched contact lenses with Transitions Light Intelligent Technology named Acuvue Oasys under its brand Acuvue. The contact lens provided vision correction to the wearer, along with a dynamic photochromic filter that helped to constantly balance the amount of light entering the eye.
Segmentation:
The Global Eyewear Market segmentation is based on type and distribution channel.
Based on product type, the Global Eyewear Market has been segmented into spectacles, sunglasses, contact lenses, and others. The spectacles segment is expected to be the largest while the sunglasses segment is projected to register the highest CAGR during the review period.
By distribution channel, the global eyewear market has been segmented into store-based and non-store-based. The store-based segment is projected to account for the larger market share due to the widespread availability of eyewear in supermarkets and hypermarkets.
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Regional Analysis
The global eyewear market report has segregated the market, based on region, into North America, Europe, Asia-Pacific, and the rest of the world.
The European market is expected to account for the lion’s share of the global eyewear market during the forecast period due to changing fashion trends. Primarily, the younger population in countries such as Italy, France, the UK, and Germany prefer to experiment with different styles of eyewear to accentuate their overall appearance. This, in turn, is expected to boost the global eyewear market growth during the forecast period.
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